Susquehanna group reports 4.2% stake in Coinbase

Coinbase Global, Inc. Schedule 13G/A amendment shows four affiliated broker‑dealer reporting persons collectively beneficially own 9,347,209 shares of Class A common stock, representing 4.2% of the class.

Rhea-AI Filing Summary

Coinbase Global, Inc. Schedule 13G/A amendment shows four affiliated broker‑dealer reporting persons collectively beneficially own 9,347,209 shares of Class A common stock, representing 4.2% of the class. The filing states shares outstanding were 222,377,223 as of March 31, 2026. The reported holdings include options of 628,500 Shares for Susquehanna Investment Group and 8,314,000 Shares for Susquehanna Securities, LLC. The reporting persons clarify shared and sole voting/dispositive power and sign a joint filing agreement.

Insights

Equity Capital Markets Analyst

Filing discloses a 4.2% collective stake via affiliated broker‑dealers.

The Schedule 13G/A lists 9,347,209 shares beneficially owned by the group and cites 222,377,223 shares outstanding as of March 31, 2026. This provides a clear ownership snapshot tied to an exact outstanding share count.

Impact depends on trading activity by these broker‑dealers; subsequent filings would show any changes in position.

Corporate Governance Specialist

Clarifies voting and dispositive arrangements for affiliated reporting persons.

The filing explains that the four entities may be deemed a group and that each disclaims ownership of shares held by another, while reporting both sole and shared voting/dispositive powers. This clarifies attribution and control for governance records.

Stake is below 5% threshold, consistent with Item 5 disclosure.

Key Figures

Reported beneficial ownership: 9,347,209 shares Percent of class: 4.2% Shares outstanding: 222,377,223 shares +2 more

5 metrics

Reported beneficial ownership 9,347,209 shares Collective holdings by four affiliated reporting persons

Percent of class 4.2% Percentage of Class A common stock represented by the reported shares

Shares outstanding 222,377,223 shares Shares outstanding as of March 31, 2026 (from proxy statement)

Options included - Susquehanna Investment Group 628,500 shares Options counted in Susquehanna Investment Group's beneficial ownership

Options included - Susquehanna Securities, LLC 8,314,000 shares Options counted in Susquehanna Securities, LLC's beneficial ownership

Key Terms

beneficially own, shared dispositive power, Schedule 13G/A, Joint Filing Agreement

4 terms

beneficially own financial

"Amount beneficially owned: The information required by this Item"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

shared dispositive power regulatory

"Shared Dispositive Power 9,347,209.00"

Schedule 13G/A regulatory

"Coinbase Global, Inc. Schedule 13G/A amendment"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Joint Filing Agreement legal

"EXHIBIT DESCRIPTION 99 Joint Filing Agreement"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Susquehanna group report in COIN?

The filing reports a collective beneficial ownership of 9,347,209 shares, representing 4.2% of Class A common stock. The figure aggregates holdings across four affiliated broker‑dealers with shared voting/dispositive power.

How many Coinbase shares were outstanding as reported?

The filing cites the proxy statement showing 222,377,223 shares outstanding as of March 31, 2026. That outstanding share count is used to calculate the 4.2% ownership percentage disclosed.

Do the reported holdings include options for COIN?

Yes; the disclosure states the count for Susquehanna Investment Group includes 628,500 options and Susquehanna Securities, LLC includes 8,314,000 options included in their reported beneficial ownership totals.

Are the reporting entities filing together or separately?

They filed jointly under a Joint Filing Agreement. The filing explains the entities are affiliated broker‑dealers and reports shared and sole voting/dispositive powers while disclaiming ownership of each other’s directly held shares.

Does this Schedule 13G/A indicate control over Coinbase voting outcomes?

The filing shows both sole and shared voting/dispositive power entries but reports a 4.2% interest, below 5%. The disclosure clarifies allocation of voting/dispositive authority among the affiliated reporting persons.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 12:29 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Coinbase Global, Inc.

(Name of Issuer)

Class A Common Stock, $0.00001 par value per share

(Title of Class of Securities)

19260Q107

(CUSIP Number)

03/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 19260Q107

1

Names of Reporting Persons

G1 Execution Services, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 86.00
6	Shared Voting Power 9,347,209.00
7	Sole Dispositive Power 86.00
8	Shared Dispositive Power 9,347,209.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,347,209.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.2 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers, which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP Number(s): 19260Q107

1

Names of Reporting Persons

SIG Brokerage, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 9,347,209.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,347,209.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,347,209.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.2 %

12

Type of Reporting Person (See Instructions)

BD, PN

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers, which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP Number(s): 19260Q107

1

Names of Reporting Persons

Susquehanna Investment Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 628,600.00
6	Shared Voting Power 9,347,209.00
7	Sole Dispositive Power 628,600.00
8	Shared Dispositive Power 9,347,209.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,347,209.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.2 %

12

Type of Reporting Person (See Instructions)

BD, PN

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers, which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP Number(s): 19260Q107

1

Names of Reporting Persons

Susquehanna Securities, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,718,523.00
6	Shared Voting Power 9,347,209.00
7	Sole Dispositive Power 8,718,523.00
8	Shared Dispositive Power 9,347,209.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,347,209.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.2 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers, which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Coinbase Global, Inc.
(b)	Address of issuer's principal executive offices: One Madison Avenue, Suite 2400, New York, NY 10010
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the shares of Class A Common Stock, $0.00001 par value per share (the "Shares"), of Coinbase Global, Inc. (the "Company"). (i) G1 Execution Services, LLC (ii) SIG Brokerage, LP (iii) Susquehanna Investment Group (iv) Susquehanna Securities, LLC
(b)	Address or principal business office or, if none, residence: The address of the principal business office of G1 Execution Services, LLC is: 175 W. Jackson Blvd. Suite 1700 Chicago, IL 60604 The address of the principal business office of each of SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC is: 401 E. City Avenue Suite 220 Bala Cynwyd, PA 19004
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Class A Common Stock, $0.00001 par value per share
(e)	CUSIP No.: 19260Q107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned by Susquehanna Investment Group includes options to buy 628,500 Shares. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 8,314,000 Shares. The Company's Proxy Statement on Schedule 14A, filed on April 24, 2026, indicates that there were 222,377,223 Shares outstanding as of March 31, 2026.
(b)	Percent of class: 4.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

G1 Execution Services, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	05/13/2026

SIG Brokerage, LP

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary
Date:	05/13/2026

Susquehanna Investment Group

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, General Counsel
Date:	05/13/2026

Susquehanna Securities, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	05/13/2026

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 99 Joint Filing Agreement* *Previously filed